FRV Signs New Power Purchase Agreement With Snowy Hydro in New South Wales, Australia

PVTIME – Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel
Energy, and a leading global developer of renewable utility-scale projects, has
announced the signing of a power purchase agreement (PPA) with Snowy Hydro, one
of Australia’s main electricity generation and retailing companies. The
agreement will permit FRV to deliver solar power generated from the 90MWac
Sebastopol Solar Farm in the State of New South Wales, Australia.

Located 16km south of Temora and approximately 440km south
west of Sydney in New South Wales, the plant will connect to the national grid.
Its generation will be enough to supply energy to over 40,000 Australian
households and avoid the emission of approximately 77,600 tons of CO2 annually,
the equivalent of taking about 27,700 cars off the road each year.

Sebastopol Solar Farm’s construction and operation will
contribute to the economic development of the area, with FRV projecting the
creation of up to 150 jobs during the construction phase of the plant, and 2-3
operational staff for the entire life of the project. Maintenance contracts for
jobs such as panel cleaning, fence repair, and road grading, etc. will also be
required and will likely be met by local contractors or subcontractors. In
addition, the project is expected to have a direct benefit on business volumes
for local services, materials and contracting such as accommodation, food and
other retail businesses in the area.

This is the second PPA signed by FRV with Snowy Hydro
following the successful bid for the 68.7 MWac Goonumbla Solar Farm as part of
the Snowy Hydro Renewable Energy Procurement Program in 2018, and which is
currently in the final stages of construction.

This agreement is a demonstration of FRV’s commitment to
renewables in Australia and of its goal to provide comprehensive and accessible
renewable energy solutions across the globe.

Carlo Frigerio, FRV Managing Director Australia said,
“After the successful experience of Goonumbla, we are pleased to continue
working with Snowy Hydro on a second project contributing to the ongoing
diversification of the electricity generation resources in NSW and Australia.
This project will be our seventh Australian solar farm and will consolidate our
leading position in the Australian renewable energy market”.

Fady Jameel, Deputy President & Vice Chairman of Abdul
Latif Jameel, highlights “This announcement marks a new milestone for FRV in
Australia. The devastating Australian bushfires have started 2020 off with a
stark reminder of the reality of global warming, and the urgent need to address
climate change. Together with our partners, FRV and Snowy Hydro, Abdul Latif
Jameel is committed to playing an active role in developing clean energy
solutions and ultimately contributing to create a more sustainable future for
the world”.

Snowy Hydro’s CEO, Paul Broad, said the company was
constantly on the lookout for renewable energy offtake opportunities across the
eastern-states.

“Through our peaking generation assets we have the capacity
to support and ‘firm’ significant amounts of intermittent wind and solar.
Following the timely development of Goonumbla, which Snowy Hydro supported
through an offtake agreement signed in 2018, we are confident of the same
success with Sebastopol.

Snowy Hydro has significant capacity to firm up and store
intermittent renewable energy generation. Our flexible portfolio of fast-start
assets allows us to supply our customers with 24/7 renewable energy, lowering
prices and increasing energy security.” Mr Broad said.

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